Avon Rubber shares down on soft profits

FTSE 250 Avon Rubber (LON:AVON) saw its share price sink by 6.70% to 4,315p (as of 14:35 GMT) after it published results for the year ended 30th September. Revenues for the period were up by 30.8%, but statutory pre-tax profits sank by 94%.

CEO Paul McDonald commented: “2020 has been a year of both significant strategic evolution and strong organic execution for Avon Rubber. We have again delivered strong results ahead of expectations and continued to make significant steps transforming the business into a leading provider of life critical personal protection products.

“We have consistently delivered on our strategy to invest in expanding our product portfolio to meet more of the protection needs of our customers. This has enabled us to build a broader and more visible long-term contract portfolio to position the business to deliver further growth in 2021 and beyond.

“Throughout the unprecedented COVID-19 pandemic we have continued to prioritise the safety and wellbeing of our people. It is thanks to their dedication and resilience that we have been able to support our customers, maintain our operations and deliver these strategic milestones and strong results.“